Correlation Between Astor Long/short and Nuveen Nwq
Can any of the company-specific risk be diversified away by investing in both Astor Long/short and Nuveen Nwq at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Astor Long/short and Nuveen Nwq into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astor Longshort Fund and Nuveen Nwq Large Cap, you can compare the effects of market volatilities on Astor Long/short and Nuveen Nwq and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Astor Long/short with a short position of Nuveen Nwq. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astor Long/short and Nuveen Nwq.
Diversification Opportunities for Astor Long/short and Nuveen Nwq
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Astor and Nuveen is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Astor Longshort Fund and Nuveen Nwq Large Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Nwq Large and Astor Long/short is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Astor Longshort Fund are associated (or correlated) with Nuveen Nwq. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Nwq Large has no effect on the direction of Astor Long/short i.e., Astor Long/short and Nuveen Nwq go up and down completely randomly.
Pair Corralation between Astor Long/short and Nuveen Nwq
Assuming the 90 days horizon Astor Longshort Fund is expected to generate 0.6 times more return on investment than Nuveen Nwq. However, Astor Longshort Fund is 1.67 times less risky than Nuveen Nwq. It trades about -0.04 of its potential returns per unit of risk. Nuveen Nwq Large Cap is currently generating about -0.07 per unit of risk. If you would invest 1,299 in Astor Longshort Fund on November 27, 2024 and sell it today you would lose (4.00) from holding Astor Longshort Fund or give up 0.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Astor Longshort Fund vs. Nuveen Nwq Large Cap
Performance |
| Timeline |
| Astor Long/short |
| Nuveen Nwq Large |
Astor Long/short and Nuveen Nwq Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astor Long/short and Nuveen Nwq
The main advantage of trading using opposite Astor Long/short and Nuveen Nwq positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astor Long/short position performs unexpectedly, Nuveen Nwq can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Nuveen Nwq will offset losses from the drop in Nuveen Nwq's long position.| Astor Long/short vs. Virtus Multi Sector Short | Astor Long/short vs. Calvert Short Duration | Astor Long/short vs. Cmg Ultra Short | Astor Long/short vs. Prudential Short Duration |
| Nuveen Nwq vs. Aqr Alternative Risk | Nuveen Nwq vs. Aqr Risk Parity | Nuveen Nwq vs. Artisan High Income | Nuveen Nwq vs. Barings High Yield |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Stocks Directory Find actively traded stocks across global markets | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |